Investors bought the October correction and boosted exposure to U.S. and emerging-market stocks, REITs and healthcare. Meanwhile, while their allocation to the global technology industry dropped to the lowest level since February 2009, according to Bank of America Merrill Lynch’s monthly fund manager survey. 

“Ominously, no signs of investor rotation from tech to ‘value,’ i.e. banks, small cap, industrials, EAFE” were seen, according to the report from an analyst team headed by Michael Hartnett, chief investment strategist at the bank.